Skip to comments.Qatar to withdraw from OPEC in January 2019
Posted on 12/02/2018 11:12:39 PM PST by tcrlaf
Qatar will withdraw from the Organization of the Petroleum Exporting Countries (OPEC), Qatar's Energy Minister Saad Sherida al-Kaabi announced on Monday.
The decision to quit the bloc of 15 oil-producing countries that account for almost half of the world's oil production was confirmed by Qatar Petroleum, the country's state oil company.
(Excerpt) Read more at aljazeera.com ...
OPEC was formed in the 1950's. It's purpose was to break the Anglo-American cartel known as the Seven Sisters. It was completely successful in that endeavor. Afterwards, it suffered the same problems all cartels suffer, mainly internal cheating. For instance, during the oil embargo the Iraqi oil minister, Saddam Hussein, made an under the table deal to sell oil to the US.
I’m thinking they left because they figure they will eventually be duking it out with Saudi Arabia
Breaking up all of OPEC would be great.
Qatar has huge LNG reserves....maybe they want to take some customers from the USA.
Qatar and Saudi have been at “near” war for decades. Border skirmishes are common. FWIW
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